Brazilian fintech Agibank raised $240M in a US initial public offering after cutting the size and price of the deal.
Agibank sold 20M shares at $12 per share, the low end of the revised range, reaching a valuation of about $1.9B. Agibank had previously planned to sell 43.6M shares at $15 to $18 per share, but reduced the offer before pricing.
The revision followed a drop in competitor PicPay’s share price. PicPay raised $434M in its IPO in January, and its stock has fallen more than 20% since then.
Agibank operates a digital financial services platform focused on underserved and mass-market consumers in Brazil. Its core product is payroll-deducted loans to retirees, with payments taken directly from social security benefits.
In 2024, Agibank reached a valuation of about $1.7B in a funding round from Lumina Capital Management.
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